First Solution scam, taka appreciation unlikely to hurt remittance: BB
Unb, Dhaka
The recent remittance scam by a UK-based money transfer firm or the recent appreciation of local currency against foreign exchange is unlikely to affect remittance inflow that rose close to $6 billion last fiscal year that ended on June 30."The exchange rate won't affect the remittance. There is no alternative to formal channel for remitting money amid the current anti-money laundering drive," Bangladesh Bank Governor Dr Salehuddin Ahmed told reporters yesterday, replying to a question after a workshop at Sheraton Hotel. According to Bangladesh Bank figures, the Taka-Dollar exchange rate declined to Tk 68.80 to a dollar as on July 4 from Tk 69.72 on the same day of the last year. The rate went as high as Tk 70 to a dollar during the just-out fiscal year. On the impact of remittance scam, the governor said the scam was an isolated one that took place suddenly. However, he said, Bangladesh Bank is trying to resolve the problem while considering the formulation of a guideline in this regard to avert future problem regarding remittance. He said the central bank has already asked the commercial banks to inform it at the very beginning of any such problem so that immediate remedial measures could be taken. First Solution Money Transfer Ltd, which had money transfer arrangement with the local banks, reportedly closed down all its branches immediately after misappropriating a huge amount of money remitted by the expatriate Bangladeshis in the UK.
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